TripAdvisor price target lowered to $20 from $28 at Citi

Citi lowered the firm’s price target on TripAdvisor to $20 from $28 and keeps a Neutral rating on the shares. While Q1 results were better-than-expected with strength across Viator and TheFork and improved profitability at the flagship brand, Q2 and FY24 guidance came in lower-than-expected, noted the analyst, who is updating the firm’s model and thinks revenue challenges at Tripadvisor coupled with investment spending are likely to compress margins in the near-term.